Fears of Double-Dip Recession in California

Posted on Sep 17, 2010

As the national unemployment rate hovers quite stably below the double-digit mark, California’s troubled economy continues to dive into despair. The state’s jobless rate rose to 12.4 percent last month, renewing fears that California may fall into a not-so-delicious-as-it-sounds double-dip recession. —JCL

The L.A. Times:

California’s deeply troubled labor market took another hit in August as the unemployment rate rose and employers laid off more workers than expected, renewing fears about a double-dip recession.

The state’s jobless rate increased to 12.4%, up from 12.3% in July. Employers shed 33,500 jobs in August, marking the third straight month of payroll job losses.

“It’s surprising and very, very disappointing,” said Stephen Levy, director of the Center for Continuing Study of the California Economy. “This marks a couple months now where we’ve done worse than the nation.”